Current trend

Yesterday, after the release of the data on the home sales in the secondary US market, the currency pair EUR/USD fell to 1.0708, as the volume of home sales has increased by 6.1%, which was above the forecast.

Nevertheless, the American currency is still under pressure after investors have revised supposed dates of the increase in the interest rates.

Today, some American data will become known, including labor market information. According to the forecast index on the labor market will be better than that of the previous reporting period.

Support and resistance

Resistance levels: 1.0760 (middle line of Bollinger bands), 1.0801 (yesterday’s highs), 1.0848  highs of 17 April).

Support levels: 1.0659 (lows of 21 April), 1.0600 (important psychological level), 1.0557 (bottom line of Bollinger bands), 1.0520 (lows of 13 April).

Trading tips

Short positions can be opened after breakdown of the level of 1.0655 with the first target of 1.0600 and the other one at 1.0560. Buy positions are recommended from 1.0760 with the targets of 1.0800 and 1.0845.

EUR/USD: оverall review

The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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